California State Teachers Retirement System Has $29.32 Billion Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• California State Teachers Retirement System dramatically increased its Ameriprise Financial stake by purchasing 63.8 million shares in the second quarter, bringing its holdings to 63.9 million shares valued at $29.32 billion, or about 71.1% of the company.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also declared a $1.70 quarterly dividend, equivalent to a 1.2% yield.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $555.33, although insiders sold nearly $16.3 million of shares during the latest quarter.

California State Teachers Retirement System raised its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 47,323.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 63,911,691 shares of the financial services provider's stock after buying an additional 63,776,923 shares during the period. California State Teachers Retirement System owned about 71.09% of Ameriprise Financial worth $29,320,127,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of AMP. SouthState Bank Corp raised its holdings in shares of Ameriprise Financial by 78.6% in the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after buying an additional 22 shares during the last quarter. Twin Lakes Capital Management LLC acquired a new stake in Ameriprise Financial in the 2nd quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Ameriprise Financial in the second quarter worth about $28,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of Ameriprise Financial during the first quarter worth approximately $28,000. Finally, Fiduciary Financial Advisors bought a new stake in shares of Ameriprise Financial during the second quarter valued at approximately $30,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Trading Down 0.1%

Shares of NYSE:AMP opened at $559.88 on Tuesday. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $572.56. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The company's fifty day simple moving average is $538.49 and its 200 day simple moving average is $485.63. The firm has a market cap of $50.33 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 1.00 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.81 by $0.26. The firm had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The company's revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $9.11 EPS. As a group, research analysts forecast that Ameriprise Financial, Inc. will post 46.27 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.2%. Ameriprise Financial's dividend payout ratio is 16.40%.

Insider Buying and Selling at Ameriprise Financial

In other news, CFO Walter Berman sold 11,012 shares of the firm's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the transaction, the chief financial officer owned 5,609 shares in the company, valued at $3,079,060.55. This trade represents a 66.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Dawn M. Brockman sold 472 shares of Ameriprise Financial stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the sale, the senior vice president directly owned 713 shares in the company, valued at approximately $398,517.09. This represents a 39.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 29,988 shares of company stock valued at $16,316,497 over the last quarter. Insiders own 0.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AMP. Morgan Stanley upped their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a report on Friday, July 10th. Zacks Research upgraded shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. Jefferies Financial Group boosted their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Piper Sandler lifted their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Finally, Keefe, Bruyette & Woods raised their price target on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $555.33.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.

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